It's not been confirmed what will happen to your current level. They are taking light away, so light no longer equals level. But what if I don't have all my best gear equipped at launch? Does that mean even though I am 34, I will be bounced down to 32 or 33 because I am levelling a few new items. I'm not at max level because I forgot to equip my best stuff? Or how do you balance someone who hit 34 compared to someone at 32. They're both dropping to 20? Probably not. The backlash would be huge. I think they will reset everyone back to level 1, but let you keep your class unlocks. They will also make the old gear non level dependant. I think new gear will be level dependant. So you will have the exact same guardians, able to use all your gear, all of your abilities, etc. you will just have a 1 beside your name. This makes it balanced for everyone. We all start over. But I don't want to replay all those story missions and strikes, just to play the new content. Not to worry, you will be able to choice what level you want to play the new story missions, strikes and raid at. Just like you can right now. Sure the new raid may require you to hit level 16, before you can play it. But that won't take too long. To me this is the only system that makes sense in terms of being fair. It's a big risk completely re-vamping your game in year 2. I am excited and hopefully it works out.